San Marcos Residential Homebuyer Incentive Program



-1905-34099500City of San Marcos Homebuyer Residency Incentive ProgramTexas State University Professors Application & Eligibility Verification FormAPPLICANT informationUniversity Professor (Legal Name)Co-Applicant (Legal Name)Current AddressDaytime Phone Number(s)E-Mail AddressTitleDepartmentNumber of Persons to reside in HouseholdTotal Household Income (all adults)Property to be purchased(mUST BE IN sAN mARCOS cITY lIMITS)Property Address Street AddressHays Co Appraisal District Property ID # (If known)R-Location in Flood ZoneYes ___ NO ____ (MUST BE ELEVATED IF IN 100-yR FLOODPLAIN)LOANCLOSING DATEADDITIONAL DOCUMENTS REQURED TO SUBMIT:Copy of Driver License or other photo IDLoan Estimate or Letter of Funding Approval from Mortgage LenderExecuted Contract for Purchase of Real Propertymortgage lendertitle companyBusiness NameContact NamePhone NumberE-Mail AddressApplicant CertificationsI certify that:I have not owned a single-family residence within the San Marcos city limits during the last thirty-six (36) months.I understand that the form of program incentive to be provided is a $5,000 zero-interest loan that will be forgiven at a rate of twenty percent (20%) per year for each full year that I maintain program eligibility. If I maintain program eligibility for a full five years following closing date, 100% of my loan balance will be forgiven and the lien will be released by the City.I understand that by accepting the Homebuyer Incentive I am agreeing to the following eligibility criteria:I will reside in this home as my primary residence for a minimum period of five years, as evidenced by maintaining a homestead property tax exemption on the property.I will remain employed by Texas State University in an eligible capacity.I will maintain hazard insurance on the property at all times.I will occupy the home in compliance with the City’s Code SMTX.I will abide by all terms of the program guidelines and the promissory note and deed of trust executed in connection with the loan.I understand that if I sell or move out of the home or fail to comply with any other loan terms during the 5-year eligibility period I will be in default and required to pay the unforgiven balance. I understand that I am responsible for selecting an eligible home and for obtaining financing for the primary loan. I will provide the City with a copy of the lender’s Loan Estimate for the loan.I understand that funding for this incentive program is limited and loans will be provided on a first-come/first-serve basis. My position in line to receive funding will be established on the date that all required documents are received by the City. Signed: _________________________________________ Date ______________________Applicant_________________________________________ Date ______________________Co-ApplicantAPPLICANT MUST OBTAIN VERIFICATION OF EMPLOYMENT ELIGIBILITY FROM:Office of the ProvostFaculty and Academic Resources601 University DriveJCK, Suite 1015Employment Eligibility VerificationUniversity Professor(Legal Name) DepartmentAs a representative of Texas State University, I certify that the named applicant is employed full-time in one of the following capacities: (check appropriate category)Tenured ProfessorTenure-Line ProfessorResearch ProfessorRepresentative Signature:Date:Submit the completed application and all required documents listed on page 1 to:City of San Marcos – Planning Department630 E. HopkinsSan Marcos, TX 78666For Questions, call (512) 393-8224Date Received by City Planning Department: __________________________The City of San Marcos promotes Equal Housing Opportunities in accordance with the Federal Fair Housing Act. FAIR HOUSING is the Law. Individuals who refuse to rent or sell homes to people based on race, color, national origin, religion, sex, familial status, or disability are violating federal law. ................
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